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DEBT (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt Instruments | As of September 30, 2024 and December 31, 2023, the Company had debt outstanding as follows:
| September 30, |  | December 31,
(in millions) | 2024 |  | 2023
Short-term borrowings | $ | 60 |  |  | $ | 70 |
Long-term debt |  |  |
3.375% Senior notes due 03/15/25 ($334 million par value) | 334 |  |  | 384 |
5.000% Senior notes due 10/01/25 ($343 million par value)1 | 354 |  |  | 477 |
2.650% Senior notes due 07/01/27 ($1,100 million par value) | 1,095 |  |  | 1,093 |
7.125% Senior notes due 02/15/29 ($121 million par value) | 120 |  |  | 120 |
4.950% Senior notes due 08/15/29 ($500 million par value) | 495 |  |  | — |
1.000% Senior notes due 05/19/31 (€1,000 million par value) | 1,099 |  |  | 1,088 |
5.400% Senior notes due 08/15/34 ($500 million par value) | 493 |  |  | — |
4.375% Senior notes due 03/15/45 ($500 million par value) | 495 |  |  | 495 |
Term loan facilities, finance leases and other | 48 |  |  | 53 |
Total long-term debt | 4,533 |  |  | 3,710 |
Less: current portion | 338 |  |  | 3 |
Long-term debt, net of current portion | $ | 4,195 |  |  | $ | 3,707 |
_____________________________ 1 These notes include the fair value step up of $11 million and $24 million as of September 30, 2024 and December 31, 2023, respectively, related to the Delphi Technologies acquisition in 2020. The fair value step up was calculated based on observable market data and is amortized as a reduction to interest expense over the remaining life of the instrument using the effective interest method.
Schedule of Consolidated Statements of Operations | The following table provides details on Interest expense, net included in the Condensed Consolidated Statements of Operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Interest expense | $ | 24 |  |  | $ | 21 |  |  | $ | 56 |  |  | $ | 57 |
Gain on debt extinguishment | (3) |  |  | (28) |  |  | (3) |  |  | (28) |
Interest income | (17) |  |  | (12) |  |  | (36) |  |  | (26) |
Interest expense (income), net | $ | 4 |  |  | $ | (19) |  |  | $ | 17 |  |  | $ | 3 |

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